Announcements

South African Securitisation Programme (RF) Limited Series 1 – Extension of ‘Under Review’

Johannesburg, 15 March 2018 — Global Credit Ratings (“GCR”) has extended the ‘Under Review’ status applicable to the final, public long-term credit ratings accorded to the following securities issued by the South African Securitisation Programme (RF) Limited Series 1 (the “Issuer” or “SASP Series 1”):

R182.0m, Class A17, stock code ERSA17, interest at 3M JIBAR + 1.39%, due 17 November 2025: .…………………. ‘AAA(ZA)(sf)’, Outlook Stable.

R177.0m, Class A20, stock code ERSA20, interest at 3M JIBAR + 1.50%, due 17 November 2025: ..………………… ‘AAA(ZA)(sf)’, Outlook Stable.

R155.0m, Class A21, stock code ERSA21, interest at 3M JIBAR + 1.84%, due 17 November 2025: ..………………… ‘AAA(ZA)(sf)’, Outlook Stable.

R178.0m, Class A22, stock code ERSA22, interest at 3M JIBAR + 1.75%, due 17 November 2025: ………….………. ‘AAA(ZA)(sf)’, Outlook Stable.

R230.0m, Class A23, stock code ERSA23, interest at 3M JIBAR + 1.75%, due 17 November 2025: ……….…………. ‘AAA(ZA)(sf)’, Outlook Stable.

R108.0m, Class A24, stock code ERSA24, interest at 3M JIBAR + 1.50%, due 17 November 2025: ……….…………. ‘AAA(ZA)(sf)’, Outlook Stable.

R281.0m, Class A25, stock code ERSA25, interest at 3M JIBAR + 1.80%, due 17 November 2025: ……….…………. ‘AAA(ZA)(sf)’, Outlook Stable.

R99.0m, Class B4, stock code ERS3B4, interest at 3M JIBAR + 1.85%, due 17 November 2025: ..……………………..…. ‘A(ZA)(sf)’, Outlook Stable.

R16.0m, Class B5, stock code ERS3B5, interest at 3M JIBAR + 2.15%, due 17 November 2025: ……………..…….……… ‘A(ZA)(sf)’, Outlook Stable.

R35.0m, Class C4, stock code ERS3C4, interest at 3M JIBAR + 2.35%, due 17 November 2025: ..…………..……..…. ‘BBB(ZA)(sf)’, Outlook Stable.

R6.0m, Class C5, stock code ERS3C5, interest at 3M JIBAR + 3.15%, due 17 November 2025: …………………………..’BBB(ZA)(sf)’, Outlook Stable.

The surveillance review of the ratings for the SASP Series 1 Notes had been scheduled for 28 February 2018. The ‘Under Review’ process allows for a time extension of the ratings and is not linked to the performance of the SASP Series 1 transaction. GCR expects to complete the rating review and to publish the Surveillance Report by 31 March 2018. The existing ratings for the above mentioned Notes continue to be supported by GCR.

RATINGS HISTORY

Stock code
Initial rating
Long-term rating
Rating outlook
ERSA17
17 December 2015
AAA(ZA)(sf)
Stable
ERSA20
17 December 2015
AAA(ZA)(sf)
Stable
ERSA21
17 December 2015
AAA(ZA)(sf)
Stable
ERSA22
29 April 2016
AAA(ZA)(sf)
Stable
ERSA23
18 August 2016
AAA(ZA)(sf)
Stable
ERSA24
31 August 2017
AAA(ZA)(sf)
Stable
ERSA25
31 August 2017
AAA(ZA)(sf)
Stable
ERS3B4
17 December 2015
A(ZA)(sf)
Stable
ERS3B5
29 April 2016
A(ZA)(sf)
Stable
ERS3C4
17 December 2015
BBB(ZA)(sf)
Stable
ERS3C5
29 April 2016
BBB(ZA)(sf)
Stable
Stock code
Last rating
Long-term rating
Rating outlook
ERSA17
31 August 2017
AAA(ZA)(sf)
Stable
ERSA20
31 August 2017
AAA(ZA)(sf)
Stable
ERSA21
31 August 2017
AAA(ZA)(sf)
Stable
ERSA22
31 August 2017
AAA(ZA)(sf)
Stable
ERSA23
31 August 2017
AAA(ZA)(sf)
Stable
ERSA24
31 August 2017
AAA(ZA)(sf)
Stable
ERSA25
31 August 2017
AAA(ZA)(sf)
Stable
ERS3B4
31 August 2017
A(ZA)(sf)
Stable
ERS3B5
31 August 2017
A(ZA)(sf)
Stable
ERS3C4
31 August 2017
BBB(ZA)(sf)
Stable
ERS3C5
31 August 2017
BBB(ZA)(sf)
Stable

ANALYTICAL CONTACTS

Primary Analyst Secondary Analyst
Mark Vrdoljak Tinashe Mujuru
Senior Structured Finance Analyst Structured Finance Analyst
+27 11 784 1771 +27 11 784 1771
markvrd@globalratings.net tinashem@globalratings.net

Committee Chairperson

Yohan Assous

Sector Head: Structured Finance Ratings

+27 11 784 1771

yohan@globalratings.net

image_pdfPDF View

Leave a Reply



ALL GCR CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS, TERMS OF USE OF SUCH RATINGS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS, TERMS OF USE AND DISCLAIMERS BY FOLLOWING THIS LINK:HTTP://GCRRATINGS.COM. IN ADDITION, RATING SCALES AND DEFINITIONS ARE AVAILABLE ON GCR’S PUBLIC WEB SITE AT WWW.GCRRATINGS.COM/RATING_INFORMATION. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. GCR's CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THIS SITE.

CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCR’S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCR’S OPINIONS INCLUDED IN GCR’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCR’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCR’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCR’S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCR’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.

Copyright 2019 GCR INFORMATION PUBLISHED BY GCR MAY NOT BE COPIED OR OTHERWISE REPRODUCED OR DISCLOSED, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT GCR’S PRIOR WRITTEN CONSENT. Credit ratings are solicited by, or on behalf of, the issuer of the instrument in respect of which the rating is issued, and GCR is compensated for the provision of these ratings. Information sources used to prepare the ratings are set out in each credit rating report and/or rating notification and include the following: parties involved in the ratings and public information. All information used to prepare the ratings is obtained by GCR from sources reasonably believed by it to be accurate and reliable. Although GCR will at all times use its best efforts and practices to ensure that the information it relies on is accurate at the time, GCR does not provide any warranty in respect of, nor is it otherwise responsible for, the accurateness of such information.GCR adopts all reasonable measures to ensure that the information it uses in assigning a credit rating is of sufficient quality and that such information is obtained from sources that GCR, acting reasonably, considers to be reliable, including, when appropriate, independent third-party sources. However, GCR cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall GCR have any liability to any person or entity for (a) any loss or damage suffered by such person or entity caused by, resulting from, or relating to, any error made by GCR, whether negligently (including gross negligence) or otherwise, or other circumstance or contingency outside the control of GCR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits) suffered by such person or entity, as a result of the use of or inability to use any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained in each credit rating report and/or rating notification are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained in each credit rating report and/or rating notification must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY GCR IN ANY FORM OR MANNER WHATSOEVER.